1379. Mesa County National Bank (Grand Junction, CO)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 7766
Charter Number: 7766
Start Date: November 20, 1913
Location: Grand Junction, Colorado (39.064, -108.551)

Metadata

Model: gpt-5-mini
Short Digest: 89619cdb

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed; stockholder assessments levied; eventual liquidation and sale of fixtures; criminal prosecution of president for misappropriation.

Description

Bank experienced heavy withdrawals amid depreciation of securities and ugly rumors in late Nov 1913; comptroller ordered the bank closed (suspension) Nov 28, 1913 and a receiver was appointed. The institution remained in receivership, stock assessments and liquidation followed, and the bank did not reopen under its old management (assets/fixtures later sold and a new bank planned). Classified as run → suspension → permanent closure (receivership/liquidation).

Events (4)

1. November 20, 1913 Run

Cause: Bank Specific Adverse Info
Cause Details: Depreciation in certain securities the bank held (considered gilt-edged) combined with 'ugly rumors' and withdrawals (~$225,000) in the days prior to closing.
Measures: Depositors' committee formed; plans discussed to raise cash and issue deposit certificates; directors/stockholders assessed later to raise funds.
Newspaper Excerpt: it is rumored the past ten days deposits to over $225,000 that amounting during have been dewithdrawn ... ugly rumore afloat concerning the stability of the bank
Source: newspapers

2. November 28, 1913 Suspension

Cause: Government Action
Cause Details: Closed by order of the Comptroller of the Currency because of impairment/depreciation of securities; national bank examiner placed in charge.
Newspaper Excerpt: The Mesa County National Bank ... has been closed by order of the United States comptroller of the currency. A notice to this effect was posted on the doors ...
Source: newspapers

3. December 3, 1913 Receivership

Newspaper Excerpt: receiver ... arrived here today and went at once to the Mesa County National bank ... The assets of the institution are being turned over to the receiver ... the receiver had been named and would arrive Wednesday ... receiver Chapman ... temporary receiver ... F. E. Chapman ... John J. Tobin later referenced as receiver Tobin and liquidation actions followed are described in 1914 articles . . . (articles describe receivership and receivers named).
Source: newspapers

4. February 12, 1914 Other

Newspaper Excerpt: DEPOSITORS SOON TO GET A DIVIDEND ... first dividend to the depositors of the Mesa County National bank of from 15 to 20 per cent will probably be paid about the last of this month. ... assessment on shareholders ... ordered by the comptroller of the currency ... (reorganization/assessment/dividend actions).
Source: newspapers

Newspaper Articles (24)

1. November 28, 1913 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, November 28, 1913

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DEPOSITORS WILL BE PAID IN FULL, DECLARE OFFICERS Depression in Securities That Were Considered Gilt-Edged is Cause of Suspension; President Orson Adams Did Everything in His Power to Prevent Closing and Confidence of People of City is Still Unshaken. NATIONAL BANK EXAMINER SMITH IS IN CHARGE HE Mesa County National Bank, of this city, has been closed by order of the United States comptroller of the currency. T A notice to this effect was posted on the doors of the banking house this morning, and the doors of the institution were not opened at the regular hour, and have not been opened today. Walter W. Smith, national bank examiner, is in charge of the institution. The cause of this action is the fact that there was a depreciation in certain securities which the bank held that had been considered among the best securities in Mesa county. On these securities the bank was unable to realize to the extent that should have been expected, and the suspension of business followed.

2. November 28, 1913 The Daily Sentinel Grand Junction, CO

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MESA CO. NATIONAL BANK CLOSED BY COMPTROLLER First National of Clifton DEPOSITORS WILL BE PAID is Temporarily Suspended IN FULL, DECLARE OFFICERS HE First National bank of Clifand discounts. The last statement of the Clifton ton was also closed following T' the closing of the Mesa County bank showed it to be in splendid National bank, the directors first shape financially. Depression in Securities That Were Considered Gilt-Edged is posting a notice, shortly after ten o'clock, that "owing to the failure of the Mesa County National Cause of Suspension; President Orson Adams Did EveryThe following message was bank to open its doors this morning, received today by Orson Adams it is deemed advisable to temporarily thing in His Power to Prevent Closing and Confifrom Oliver H. Shoup, one of suspend business." the best known financiers of the According to the statement of ofstate: dence of People of City is Still Unshaken. ficials of the Clifton bank that institution will be reopened within Colorado Springs, Colo., few days, as soon as it is learned to Nov. 28, 1913. what extent it will be affected by the Orson Adams, Mesa County bank. The Clifton bank Grand Junction, Colo.: NATIONAL BANK EXAMINER SMITH IS IN CHARGE cleared through the Mesa County, We are very sorry to learn of and had $9,000 on deposit there. It the present situation, but beis stated, however, that the Clifton Heve that you will work it out HE Mesa County National Bank, of this city, has been closed by bank has ample securities for all its finally and successfully. order of the United States comptroller of the currency. T" depositors, even though it should O. H. SHOUP. A notice to this effect was posted on the doors of the banking realize but fifty per cent on its loans house this morning, and the doors of the institution were not opened

3. November 28, 1913 Atlanta Georgian Atlanta, GA

Article from Atlanta Georgian, November 28, 1913

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GRAND JUNCTION, COLO., Nov. 28.-The Mesa Caunty National Bank, capitalized at $100,000, was closed by order of the Comptroller of the Currency to-day. Impairment of securities and refusal of outside aid were given as the causes. The bank officials state that depositors will be paid in full. The First National Bank of Clifton, which cleared through the Mesa County Bank, was closed temporarily to prevent a run. CINCINNATI, Nov. 28.-While hundreds watched, a thief smashed the window of E. F. Keenlon's jewelry store, on one of the main thoroughfares here, this noon, and escaped with diamonds and jewelry valued at $2,000. WASHINGTON, Nov. 28.-President Wilson, it was stated to-day, will read his message to Congress at 1 o'clock Tuesday, December 2. The two branches of Congress will meet in joint session in the Hall of Representatives, MEXICO CITY, Nov. 28.-Forty Federal soldiers sent to the defense of Mendez, State of Tamaulipas, have disappeared and are believed to have been ambushed and massacred by rebels. Constitutionalists to-day captured Vasqueria, State of Nuevo Leon. Nineteen Federals and a number of residents of the town were killed. WASHINGTON, Nov. 28.-The Senate Democratic conference to-day refered the insurance deposits provision in the Hitchcock Republican draft of the currency bill back to the Banking and Currency Committee: passed over temporarily the question of whether the Federal Reserve Board shall be composed of seven to nine members, and left open the number of regional banks to be established. Senator Lewis, Democratic whip, predicted a binding caucus would be hold following the conference, which he believes will conclude its work Wednesday. CHICAGO, Nov. 28.-The jury in the case of Otoman Zar Adusht Hanish, chief of the Sun cult, charged with sending obscene literature by express, this afternoon returned a verdict of guilty. MEXICO CITY, Nov. 28.-The towns of Colorado and Tiburedo, both in Zacatecas, were captured by rebels to-day. Twenty-one women were killed and many were carried away to a worse fate. Inhabitants of Tiburcio pursued the constitutionalists and killed 19 before they reached the hills. NEW YORK, Nov. 28.-Nineteen persons were injured. four seriously, this afternoon when two trains crashed together at the Chatham Square Station of the Third avenue elevated line. Fire followed the collision, and one of the cars was partially destroyed. LEXINGTON, KY., Nov. 28.-Mrs. Emma Eversole to-day was found guilty of manslaughter in killing her husband, Mack Eversole, at Hazard, Ky,, two months ago. The penalty is 2 to 20 years in prison. She killed her husband in the presence of his divorced wife, who was visiting them.

4. November 29, 1913 The Glenwood Post Glenwood Springs, CO

Article from The Glenwood Post, November 29, 1913

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MESA COUNTY CLOSES ITS DOORS Ugly Rumors and Bepression of Securities Forces m. stitution to the Wall WILL REOPEN SOON Grand Junction, Nov. 28.-Much surfailure of prise was expressed at the the Mess County National bank to open its doors this morning and many small depositions were panicstrickes over the suspension of what has heretofore been generally considered one of the strongest financial institutions on the western slope. For several days there have been many ugly rumore afloat concerning the stability of the bank, some of these evidently being prompted by prejudice and personal enmity against Orson Adams, the president of the institubecause of his aggressive in political and attitude tion. who, municipal mat. has ters during the past few years, provoked considerable opposition against the bank, and it is rumored the past ten days deposits to over $225,000 that amounting during have been dewithdrawn. This with the recent preciation of certain securities held by the bank and heretofore considered giltedged have operated very seriously against the bank, but these conditions were not generally known to the small depositors nor to outsiders. The Mesa County State bank was established more than 25 years ago and for many years was easily is the lead of all booking Institutions in Man county of - - Tax years ago a change was made to a national bank and the name changed. The order for a temporary suspension came from the comptroller of the treasury at Washington and Walter W. Smith, national bank examiner, has been placed in charge. Among the heavy stockholders of the bank are Oreon Adams, A. R. and J. M. Sampliner, Dr. Bull and other A leading business men of the city. reorganization is under way and it its is said that the bank will reopen doors within the next two or three weeks. President Adams, who has tried very hard to avert the trouble, savs that the depositors will not suffer, but will be paid in full. The people here have full faith in Mr. Adams' business ability and, after the first shock, they have rallied to him in most failloyal fashion. It is felt that the is in no way a reflection upon local been business ure conditions which have the good this fall, but due to tank very being deceived in a large amount to of securities and unkind rumors due personal prejudice against Mr. Adams. Orson Adams is well known in Glenwood Springs where he is regarded as in of the shrewdest business men one the state. He is thoroughly familiar has with the banking business and it bank always been supposed that bis business founded upon a very solid foundation. was Mr. Adame has always both been a very aggressive character and a political and business way Post in a of very positive ideas. The business man pleased to note that the shown is of Grand Junction have this such men great faith in Mr. Adams in unfortunate affair and that they pre- full that be will pay depositors in and diet still make a success of the banking business. is not known here just what hav- are It securities referred to above as known the weakened the bank, but it is intering Mr. Adams has been heavily and that in the Grand Junction street in. interurban ested railway and other local the dustries and it is presumed that bank became involved pretty heavily these enterprises. The bank statement is cap italized in at $100.000, but no of has yet been made as to the amount the shortage. I Miss Allen returned last Sunday

5. November 29, 1913 Atlanta Georgian Atlanta, GA

Article from Atlanta Georgian, November 29, 1913

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ILL., Nov. 28.-Frank McAdams, who killed his wife at a Thanksgiving dance last night at Cuba, killed himself to-day. He was attacked by a posse of several hundred men and many shots were exchanged. The jaw of Policeman Hagaman, who attempted to make the arrest, was shattered with a bullet. A four-year-old daughter of the Mc. Adams escaped injury, although she was on her mother's lap when Mrs. McAdams was shot. NEW YORK, Nov. 28.-Four persons were hurt this afternoon when two Third avenue elevated trains collided at the Chatl am Square junction of the Second and Third avenue lines. Both trains caught fire after the collision. NEW YORK, Nov. 28.-Mayor Kline this afternoon announced that he had received the resignation of Park Commissioner Charles E. Stover, who has been missing for some time, and had appointed Louis F. LaRoche in his place. No explanation was given as to how Stover tendered his resignation. CONCORD. N. H., Nov. 28.-Merrill Shurteleff, attorney for Harry K. Thaw, to-day filed Thaw's answer to Sheriff Drew's return on the writ of habeas corpus granted by Federal Judge Aldrich. The answer is simply a formal denial of the grounds upon which Drew asks that the petition for a writ of habeas corpus be refused, and it alleges that the custody under which Thaw is now held is illegal, oppressive and not founded on due process of law. NEW YORK, Nov. 28.-Customs of ficials to-day indulged in a wild pursuit of a bracelet that had been passed to a relative of Mrs. Birdie Harris, of New York, a first-cabin passenger on the Lusitania. The bracelet, said to be very valuable, was passed from one to another of Mrs. Harris' ten relatives who greeted her at the pier, and it was nearly an hour before the bracelet was captured. All of Mrs. Harris' relatives were summoned to appear before the surveyor of the port. CHICAGO, Nov. 28.-Ten or fifteen passengers were hurt and hundreds thrown into a panic late this afternoon when two Wilson avenue express trains met in a rear-end collision on the Northwestern "L" Railroad at Fullerton avenue. MEMPHIS, TENN., Nov. 28.-The Federal Grand Jury to-day returned indictments against the Roberts Mamner Grain Company of Memphis, charging the firm with violating Interstate Commerce Commission laws governing shipments of grain. WASHINGTON, Nov. 28.-Agents of the Department of Justice are watching developments in the formation of a $15,000,000 "sheet music trust," now under organization. in New York. It is learned unofficially that the real purpose of the combination is to advance the price of sheet music from 10 to 15 cents, and more. For that reason it is understood one concern which operates a chain of 5 and 10-cent stores has refused to enter the combination, since it would be unable to handle the music at the advanced price. GRAND JUNCTION, COLO., Nov. 28.-The Mesa Caunty National Bank, capitalized at $100,000, was closed by order of the Comptroller of the Currency to-day. Impairment of securities and refusal of outside aid were given as the causes. The bank officials state that depositors will be paid in full. The First National Bank of Clifton, which cleared through the Mesa County Bank, was closed temporarily to prevent a run. CINCINNATI, Nov. 28.-While hundreds watched, a thief smashed the window of E. F. Keenlon's jewelry store, on one of the main thoroughfares here, this noon, and escaped with diamonds and jewelry valued at $2,000. WASHINGTON, Nov. 28.-President Wilson, it was stated to-day, will read his message to Congress at 1 o'clock Tuesday, December 2. The two branches of Congress will meet in joint session in the Hall of Representatives, MEXICO CITY, Nov. 28.-Forty Federal soldiers sent to the defense of Mendez, State of Tamaulipas, have disappeared and are believed to have been ambushed and massacred by rebels. Constitutionalists to-day captured Vasqueria, State of Nuevo Leon. Nineteen Federals and a number of residents of the town were killed. WASHINGTON, Nov. 28.-The Senate Democratic conference to-day refered the insurance deposits provision in the Hitchcock Republican draft of the currency bill back to the Banking and Currency Committee: passed over temporarily the question of whether the Federal Reserve Board shall be composed of seven to nine members, and left open the number of regional banks to be established.

6. December 2, 1913 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, December 2, 1913

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whether this meant the issue of deposit certificates, the exchange of stock deposits, or some other plan. Pass Resolutions. Senator De Long was named as permanent chairman, and W. A. Marsh as secretary of the meeting, and Edwin Price then presented the following resolutions, which were adopted, as a program for the meeting: Resolved That the depositors of the Mesa County National Bank. here assembled, declare the object of the meeting to be as follows: 1. To devise ways and means to co-operate together for the purpose of reopening the Mesa County National Bank at the earliest possible date. 2. To appoint a committee of five to formulate a plan or plans to be submitted to the depositors for the purpose of bringing about speedily the object as stated above. 3. To adjourn to the call of the chair. to hear and act upon the report of the committee. Straud M. Logan moved that the chair appoint the committee of five, and R. J. Derry moved an amendment to have the committee named by the depositors. Walter Walker opposed the amendment on the plea that it would be an almost impossible task to name the committee in such a manner, and that if any members were objectionable as named by the chair, their names would be withdrawn. Senator De Long said he did not relish the responsibility, and that he had no intention of naming anyone in opposition to the wishes of the depositors. Frank Rees favored the amendment, and R. J. Derry stated that his suggestion was not meant as a reflection upon Mr. De Long, in whom he felt the fullest confidence. W. D. Halpin favored the original motion, stating that there was no means of knowing who were depositors and who were spectators. Many Would Adjourn. A. P. Wadsworth at this juncture moved an adjournment for a week, stating that there were several hundred people outside who could not participate in the meeting, and that action at this time would be inopportune. The motion was defeated, as was the amendment, and the original t motion to have the chair name the committee, carried. W. S. Wallace suggested that adjournment be taken to a larger hall before further action, and the chairman announced that he would not name the committee until after much deliberation. Fred Mantey, W. H. Hogan and J. H. Schiesswohl spoke, the first two favoring adjournment, K and the latter immediate action. t F. Bernard Welsh stated that the t receiver had been named and would e arrive Wednesday, and that the bank b was likely to reopen at any time. "I would rather see Orson Adams reopen the doors of the bank by himself," said Mr. Welsh, "than through any action the depositors might take. He is the man to reopen the bank and give him the opportunity and he a will do it-he hasn't been given b chance and he ought to have it." The statement drew forth a tremendous round of applause, a remarkable ovation for Mr. Adams on the part of the 600 depositors present, an indication that the people had not lost faith in him. Mr. Welsh moved that the meeting adjourn on t call of the chair. and in the meantime e Mr. Adams would have the opportun nity to work out the solution of the 6 problems confronting him.

7. December 3, 1913 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, December 3, 1913

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BANK WILL REOPEN (Continued from Page 1.) ed as recever by the comptroller of the currency arrived here today and went at once to the Mesa County National bank, where he began the work of checking over the bank's affairs with Examiner Smith. The assets of the institution are being turned over to the receiver by Mr. Smith, who will represent the government in the future negotiations. Mr. Chapman had no statement to make for the public at this time. The Clifton bank will probably be re-opened the first of the week; the directors having made arrangements for a sufficient amount of cash to meet any run, but are waiting a final announcement, until the affairs of the Mesa County National bank are straightened out.

8. December 5, 1913 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, December 5, 1913

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WILL REOPEN BANK (Continued from Page 1.) payable at regular stated intervals, that enough money can be raised by him to meet the requirements of the the bank. We, therefore, submit following agreement to be adopted and signed by all depositors: Grand Junction. Colo., Dec. 4, 1913. To the Board of Directors of the of Mesa County National Bank Grand Junction, Colo. We, the undersigned depositors of said bank, either by open account or holders of certificates of deposit, as order to facilitate and aid in re- as in opening the same as speedily possible, and in consideration of the mutual benefits to be derived therehereby agree to accept payfrom, of the amount of deposits books standing ment in our names on the was the bank, at the date same of on order of the comptroller of in closed the currency, November 28. 1913, the manner following, to-wit: Twenty per cent in cash, and the in three payments represent- isbalance certificates of deposit to be ed sued by by said bank payable respectively as follows: per cent in four months, 40 Twenty cent in eight months, and date 20 per cent in 12 months from the with per the reopening of the bank. of interest at the rate of 4 per cent per annum. the completion of whether the reUpon F. Moore asked say port, was prepared carthe plan outlined committee the John could be to that that out. Mr. De Long replied ried drawn up after consultation Examit was Receiver Chapman and first be with Smith, but that it must of the iner by the comptroller confident approved He said he was recurrency. the bank would be speedily signed the that if the depositors prepared. opened which had been Orson agreement Gormley stated that Mr. consulted, Mr. had been freely the reAdams was ready to substantiate This statement and port of brought the committee. a tremendous round of applause. Loeffler said the reopening plan was M. only H. feasible one for heartily in the the bank, with and he it. was William McGin- and sympathy the same lines and complimented ley spoke along the work. committee Mr. Adams for its Than Expected. P. Better Bliss spoke of the closing 15 years of the C. First said National that the Bank best issuance proposiago, submitted and was for the no cash of tion time certificates, but with "is payment. proposition. he more said, so say, highly "This favorable and much I want to I expected, the authorAdams, but him ity of Mr. with than though acquaintanceship . my I do so, without speaking years, from that for my of nearly small aca period who have wait, some of you can ill-afford to means that counts, Mr. who Adams will find This some statement of of brought caring another for you.' round Mack, of a cheers. member the W. D. committee. Haipin representing stated that of the railroad deposits, of the comheavy entire deliberations confined to plans the had been bank. He said mittee for reopening committee the felt that bank the that the reopening the of the less. greater greater delay would in be the chance Adams at Helm. the Mesa County felt,' he said, "that must be re'We National and I believe bank I when voice I the say sentiments opened, we feel, of that depositors thrown when open the doors again. that of that bank are must be for the Orson done more of the Mr. hand Adams at that Adams. has door, (applause.) Mr. valley than any other been the the man. Grand His name the prosperity has always of be so linked and with it will continue to Mr. in valley. the future. asked by have been announcement. to will all Adams which 'I I know make you Adams an feels the be sorry that Mr. in Mesa to hear: be new blood He wants National to a large extent. to there County must labors bank. is to cease his ambition now is Adams' one County bank Mr. Mesa depositors and that the that the that reopened see and gets every dollar board creditor The new every coming to them. made up of the the is directors men reof have valley safe and -men conservative will who be will of the the of entire Mr. and confidence that is done to retire as he is spect community. When but an execuAdams wants of the bank, and, if a accept in order tive willing officer to help all minor he can. position to in necessary. of the bank leading finan- Mr. the see service it becoming of the the city. his time cial Adams institution is willing interest to sacrifice in order believe to every other about. I will the and bring bank this when result it is reopened New ate Model Steam Pressi

9. December 10, 1913 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, December 10, 1913

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THOUGHT ALL CHECKS BE PAID Announcement in The Sentinel last evening of the payment of checks drawn on the Mesa County National bank against the Grand Junction Building & Loan association almost started a run today. Many of those holding checks from various sources against the closed bank, thought that all checks were to be paid, instead of just those drawn by the loan association, and insisted that this be done.

10. December 24, 1913 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, December 24, 1913

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ACTION ON BANK DELAYED UNTIL AFTER HOLIDAYS With the departure of Receiver F. E. Chapman for Denver to spend the holidays, it is probable that there will be no developments in regard to the re-opening of the Mesa County National bank until his return the first of the year. Negotiations have been delayed pending consideration of the bank's condition by the comptroller of the currency. and when the latter files a report. the Denver men who have interested themselves in the local institution will come here. It is stated that everything still looks favorable for the reopening of the bank.

11. January 14, 1914 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, January 14, 1914

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RECEIVER MAKES STATEMENT AS TO MESA CO. BANK Reports Must Go to Comptroller -Depositors Must Make Their Claims Soon. No statement of the condition of the Mesa County National Bank can be made at this time, according to F. A., Chapman, receiver of the bank. who returned from Denver this morning. "My reports are made to the comptroller of the currency," said Mr. Chapman, "and the law provides no way by which this information can be given to the public, as in the case of a state bank. The assignee of a state bank makes his report to the courts, and that information at once becomes public. "I will say this much, however. The depreciation in securities in the Mesa County bank affect in no way either of the other banks in Grand Junction. Nor does this depreciation affect generally the securities in the valley or county. To the best of my knowledge the other banks are in good condition and there was absolutely no justification for the run last week.' "I am working in the interests of the depositors of the Mesa County National bank. and am pushing the settlement to a conclusion as rapidly as it is possible to do so. As soon as there is a sufficient amount of money on hand a dividend will be paid to the depositors on the order of the comptroller of the currency." The depositors of the bank will be required to make legal proof of their claims in the usual order in order to participate in the dividend. Mr. Chapman said this morning that the depositors and other creditors were unusually slow in making these claims, which should be hurried as much as possible. The same proof is required in the case of drafts and certificates of deposit.

12. January 23, 1914 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, January 23, 1914

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DELAY BY DEPOSITORS IN PROVING UP CLAIMS STOPS BANK SETTLEMENT The delay by depositors in proving up their claims in the Mesa County National Bank is holding up to a large extent the settlement of the bank's affairs. Not more than 20 per cent of the depositors have proved their claims, and some are likely to suffer losses as a result. Until the claims are proved up, it is impossible to consider any plans which might be made for the possible re-opening of the bank. Many of the depositors have an idea that the papers they signed for the depositors' committee is all that is required, but it will be necessary for all of them to file a claim with the receiver, in the same manner as any other creditor of the bank.

13. February 4, 1914 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, February 4, 1914

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The Daily Sentinel WEDNESDAY, FEB. 4, 1914. EDITO Re-Opening the Bank THERE have been several propositions under way looking toward a re-opening or a re-organization of the Mesa County National Bank. Developments along this line in the past two or three days lead us, today, to make some unbiased and yet we believe, timely comment on the matter which is of such vital interest to this community. The Sentinel has been in an unpleasant position concerning the bank all along, so far as making publications of developments, reports, etc., concerning the failure and the plans for re-opening. A lot of people have been inclined to denounce us if we did publish anything concerning any phase of the bank matter and a lot of people have likewise roasted us if we kept silent. One gentleman who has considerable prominence in local banking circles insisted to us about three weeks ago that the thing The Sentinel should do was to insist that the receiver make public in detail all the causes, etc., connected with the failure of the bank. He was most emphatic along this line. Yet a day or two later this same gentleman insisted to other citizens that if the newspapers would keep still things would work out better. And thus it goes. The Sentinel is interested above all things in seeing the depositors-numbering some thirteen hundred-realize to the fullest extent possible on their deposits. These deposits aggregate some $430,000. Therefore, the plan that will realize for the depositors the best possible returns and at the same time give a square deal to all concerned, is the plan The Sentinel wants to see prevail no matter who promotes or carries out that plan. The affairs of the defunct Mesa County National Bank are in bad shape. We are convinced that there is absolutely no hope of the bank re-opening at any time under the old management or ownership. Receiverships are always expensive and are always necessarily of long life. From the knowledge we have of the affairs of and the conditions surrounding the closed bank, and we know that our information in this respect is extensive and reliable, we do not be lieve that the depositors will realize over thirty-five to forty cents on the dollar if the bank must go through liquidation and simply be closed out under the receivership. Therefore, if responsible, reliable citizens, who can command the confidence of the people, can present a plan whereby they could in a comparatively short time re-open the Mesa County National Bank, pay the depositors IMMEDIATELY on re-opening at least FIFTY per cent of their deposits, give them some assurance that there might be further realizations on the assets made for the depositors, accord all interests involved a square deal and re-open the bank under a strong capitalization, a worthy management and other satisfactory conditions-if all these things can be done then such a plan should be given consideration and support by the many depositors and the people generally. The Sentinel realizes that the saving to the depositors of the bulk of their deposits and the re-opening of the Mesa County National Bank will be of inestimable value to this community and will assist in making the year of 1914 the most prosperous in the history of the valley. Therefore we stand ready, and have stood ready at all times, to assist in bringing about such action. But the re-opening must be under the conditions detailed above. Unless it is proven beyond a doubt that any re-organization plan will be better for the depositors than a continued receivership then we are not for such a plan. Furthermore, unselfishness must predominate in the matter. Any mere ambitions to enter the banking business or control a bank should not be permitted to have influence in the matter. The welfare and interests of the DEPOSITORS must be first and foremost and we will give no encouragement or support to a plan that doesn't have the interests of the depositors first and foremost. Those citizens who have been talking about re-organization and re-opening should lose no time in presenting their propositions to the depositors and let the depositors pass upon the same. We want to see the depositors get back every dollar that can possibly be realized and therefore we are for the legitimate plan that will prove the most effective in this regard. We want to see the depositors get their money. We would like to see the Mesa County National Bank reopened. But there has got to be an unselfish spirit back of the plan proposed and not simply a plan of personal ambition on anybody's part to get into the banking business or the plan won't be accepted. And lastly, all interests concerned, must get a square deal.

14. February 12, 1914 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, February 12, 1914

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DEPOSITORS SOON TO GET A DIVIDEND Assessment on Shareholders Will probably Force Action For Re-Opening. STOCKHOLDERS MEET AGAIN The first dividend to the depositors of the Mesa County National bank of from 15 to 20 per cent will probably be paid about the last of this month. There is now approximately $80,000 available for this purpose in the hands of the receiver and the assessment on the stockholders, ordered by the comptroller of the currency, will probably bring in an additional $30.000, although only a fourth of this will be available for the first dividend. Temporary Receiver Chapman last evening mailed out notices of a 100 per cent assessment to the stockholders of record of the bank, on order of Comptroller Williams. The stockholders are permitted to pay 25 per cent of the assessment Feb. 28, and the remainder in three monthly installments The assessment is expected to raise between $30.000 and $35,000, which will be placed to the credit of the depositors. On the major portion of the stock the assessment cannot be collected. Of the total capital of $100,000, which is assessable, $58,000 represents the holdings of Orson Adams, which is held as collateral by the First National bank of Denver. There are a number of women stockholders. who: the opinion of members of the depositors committee, will be unable to pay the assessment, but it is hoped to realize at least $30,000: The order of the comptroller will force action on the reorganization plans. The assessment will compel the First National bank of Denver to release the stock it holds, or pay the assessment of $58,000. If this is not done the stock will revert to the bank and will be disposed of for what it will bring. There are about 300 shares held in the valley, and many small blocks of stock are held by eastern parties, many of them women. H. F. Barnard of Denver, representing Colorado Springs parties holding sixty shares, reached here yesterday and had a conference with other stockholders today. Another meeting will be called in a few days and it may be possible that the comptroller will be asked to revoke his order, conditional on the stockholders agreeing to arrange for the reopening of the bank and restoring the capital of the institution. It is said by this method more money can be realized for the depositors than by foreing the liquidation of the bank's assets through receivership. Mr. Barnard in his conferences today indicated that his clients were willing to pay the assessment, but would much prefer to see the bank reopened, even though the cost to the stockholders was greater. for in that event the bank as a going institution. would give value to the stock. In case the bank can be reopened, it is said to bei the plan of the men

15. February 28, 1914 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, February 28, 1914

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PAYMENTS ARE MADE ON STOCK Plans for Reorganization of Bank Dropped HE first payments on the hundred per cent assessment made T' by the Comptroller of the Currency upon the $100,000 capital stock of the Mesa County National bank were made by stockholders today, thus ending for the present the plans for the re-organization of the bank. Practically all of the Grand Junetion stockholders paid the twentyfive per cent of the assessment levied by the comptroller, and Receiver John J. Tobin was well satisfied with the results of the assessment. However, no payments were made on the $58,000 stock of the bank held by the First National bank of Denver as collateral, and a number of the eastern stockholders failed to make the required payments. The next step to be taken by the receiver will be a formal demand for payment, accompanied by threat of suit unless the amounts are paid. The practical result will be the forfeiture of all stock upon which the assessments are not paid, which will then be sold at auction for whatever it may bring. The inability of the stockholders' ccmmittee to secure possession of the stock held by the Denver bank practically blocked all efforts to bring about the re-opening of the bank. Without this stock it was impossible to secure the capital to make good the impaired assets of the bank, and the probabilities are that no further effort toward re-organization will be made, although it is not impossible that some of the men who were interested in the old bank may form a ccmpany to have as its ultimate purDOBA, the incorporation of a new bank for Grand Junction. It is still problematical just what amount of money will be realized for the depositors from the hundred per cent assessment on the stockholders. The best that can be hoped is said to be a realization of between $35,000 and $45,000. No arrangements have yet been made for the payment of the first dividend, although there will be enough funds on hand with the next 25 per cent assessment to pay the depositors from 20 to 25 per cent. Tomorrow will be the end of the three months' periood since the closing of the bank. but the legal time for filing of claims does not expire until April 5, as the call for (Continued on Page 6.)

16. March 18, 1914 The Daily Sentinel Grand Junction, CO

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EDITORIAL WALTER WALKER, EDITOR. THOSE DEPOSITORS' CERTIFICATES SENSIBLE MOVE UITE a little traffic is going on locally in depositors' claims ARE glad to note a tendency among the local high schoo Q W or certificates against the Mesa County National Bank. Cergirls to follow the plan adopted this year by many hig tain people are endeavoring to purchase these certificates at very school graduating classes concerning the expense of graduation low figures and we have heard the argument used more than once gowns. that a "depositor had better sell his claim or certificate for a little Inexpensive graduating gowns should be the rule in all publi than to wait a long time and get nothing." schools. There are some thirteen hundred depositors interested in the closed bank and every one of these depositors is being solicited to sell his certificate at a very low figure by those speculating in the same. SENTIMENT OLD AND NEW The Sentinel believes that the receiver will be able to pay not Things Worth While Picked up Along the Way, Some From Pens less than forty-five cents and perhaps as much as sixty cents on the Long Ago Laid Down - Some From Pens of These Later Days dollar on these déposits and the first dividend will probably be paid within a comparatively short time. Therefore, we believe that the depositor who relinquishes his claim for twenty cents, MAKES ALL THINGS EVEN twenty-five cents, thirty cents, or even forty-cents on the dollar is making a mistake. (BY BYRON.) Don't take just anybody's word as to the value of these claims. Investigate fully before you sell or trade your deposit cer"Time at last makes all things even, tificate. And if we but watch the hour;

17. March 20, 1914 The Delta Independent Delta, CO

Article from The Delta Independent, March 20, 1914

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Conductor Hugh Gallagher of the Grand Junction-Montriose passenger run, took a lay-off for a day or so the fore part of this week and came up from the Mesa county metropolis on Monday to look after his ranch and Hugh other interests near Delta. states that business conditions in Grand Junction are now much better than they were for a time following the failure of the Mesa County National bank.

18. March 21, 1914 The Daily Sentinel Grand Junction, CO

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Conductor Hugh Gallagher of the Grand Junction-Montrose passenger run, took a lay-off for a day or so the fore part of this week and came up from the Mesa county metropolis on Monday to look after his ranch and Hugh other interests near Delta. states that business conditions in Grand Junction are now much better than they were for a time following the failure of the Mesa County National bank.-Delta Independent.

19. April 13, 1914 The Daily Sentinel Grand Junction, CO

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NEW BANK IS t a SOON 10 BE t OPENED HERE Three Different Groups of Financial Interests Figuring on 1 Location in This City. That Grand Junction will soon have a third bank. following the sale of the fixtures of the Mesa County National bank, is the opinion of Receiver J. J. Tobin of the closed institution. Three different groups of financial men have been interested in the fixtures, which probably will not be moved, but will be used for the opening of a new institution. Telluride, Glenwood Springs and Denver and local parties are all interested in opening a new bank in Grand Junction. and the approval of the courts of the sale of the fixtures of the Mesa county bank will be followed by an early announcement of the plans for the new institution. According to Receiver Tobin, the men who asked to have the fixtures appraised so that they might buy them are amply able to finance the new institution. and local men will be permitted to take only small blocks of the stock. In case of the successful opening of a new bank. it is not improbable that the government will receive an offer for the remaining assets of the Mesa County National bank. There is necessarily delay in ordering a distribution of the assets now on hand," said Receiver Tobin this morning, because of the additional burden imposed upon the comptroller of the currency and other departments at Washington in the reorganization under the new banking system. That has been responsible for some of the delay in securing consideration of the affairs of the local institution. Now that the preliminary details of the new law are out of the way more consideration will be given these purely local affairs. A number of witnessed called to appear before the federal grand jury in connection with the failure of the local bank. will leave tomorrow for Pueblo. The witnessed have been subpoenaed to appear in Pueblo Wednesday afternoon.

20. April 29, 1914 The Daily Sentinel Grand Junction, CO

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EXPECT TO SELL BANK FIXTURES BEFORE MAY The sale of the fixtures of the old Mesa County National bank will probably be concluded this week, and through the purchaser the first information will probably be gleaned as to the identity of the interests who are to start the third bank. While a number of sets of capitalists from various sections of this and neighboring states have been investigating the situation, it is understood that it has now narrowed down to one or two interests, one of whom will probably announce the opening of a third bank within a month. Receiver Tobin announced last week that the sale of the fixtures would be made this month, if possible, providing that an offer equal to the appraisal value was received. The fixtures were appraised at $8,500. in place. and naturally that amount would not be paid if the purchaser proposed to move them to some other location. About May 15, or possibly a few days later Receiver Tobin expects to be able to commence payment of the 25 per cent dividend to depositors,

21. June 8, 1914 Las Vegas Optic Las Vegas, NM

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COLORADO BANKER PLEADS GUILTY ORSON ADAMS GRAND JUNCTION FIANCIER HELD ON SIX COUNTS Denver, June 8. Arson Adams, former president of the Mesa County National bank of Grand Junction, Colorado, today pleaded guilty on 50 counts of a grand jury indictment returned several months ago, containing 82 counts charging mis appropriation or to bank's funds. Judge Robert F J. Lewis, Seventh United States district court, pronorabed sentence of six years If the federal penitontary, OBM each count, sentence to run concurrently. The remaining counts of the indictment weer nolle prossed. Judge Lewis and many of the spectators sat in court with tear-dimmed eyes, as Harry Kelly, district attorney plead for leniency, stating that Adams was an "empire builder" and had gained no personal profit through his misdeeds, which, he said. were not committed with criminal intent. The bank was closed November 28, 1918, by the comptroller of the currency, but later was re-opened. The institution was capitalized at $100,000 with a $35,000 surplus and $450,000 in deposits.

22. June 12, 1914 The Elbert County Tribune Elbert, CO

Article from The Elbert County Tribune, June 12, 1914

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# ORSON ADAMS LEADS GUILTY. Sentenced to Six Years in Prison for Wrecking Grand Junction Bank. Denver.-Orson Adams, former president of the Mesa County National bank at Grand Junction, an institution now in the hands of a receiver because of his misappropriation of its funds to the extent of $110,000, for years a power in politics in Colorado, a pioneer of the Grand Valley and its builder, was sentenced to serve a term of six years in the penitentiary at Leavenworth by United States District Judge R. E. Lewis and was taken there to begin sentence. Adams, accompanied by his wife, attorneys and a half dozen leading citizens of Grand Junction, appeared before Judge Lewis and entered a plea of guilty to forty-nine of the eighty-three counts returned in the indictment against him by the federal grand jury at Pueblo. The remaining counts were nolled.

23. July 1, 1914 The Daily Sentinel Grand Junction, CO

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SEN. TOBIN MAY LEAVE MESA BANK IN COMPLIANCE WITH RESERVE ACT Local attorneys who have perused the new currency act have been interested in one provision which becomes ef$5,000 THEATRE fective on August 1, 1914, that may have an important bearing on the receivership of the Mesa County National bank. The OPENS THURSDAY statute referred to provides for the appointment of a general receiver for each reserve district, who will have charge of each Modern Movie House With Many of the failed banks after a certain stage has been reached in Novel Features Will be Called the liquidation. It is said that by the time this law becomes effective that "Superba" Senator Tobin's receivership will HE "Superba," Grand Junction's end and that a general renewest moving picture house, ceiver, assisted probably by a T clerk or so located here, will will open Thursday night with a bran new program of films, and lohave charge of the work. It is said that a decided reduction in cal people will have an opportunity of seeing for the first time one of the expense of the receivership the most modern show houses in the would be effected. Senator Tobin admitted tocountry. day that he was familiar with A thousand-dollar operating booth, the law referred to, and thought suspended from the center of the it an excellent idea. He was long building and made absolutely unable to say how long he fire proof in every way is one of the would remain in charge of the features of the building. The booth trust. but stated that he had is constructed in conformity with the never anticipated holding the newly-passed building ordinance and position longer than Jan. 1, makes safety a certainty, 1915, at latest. Charles F. Rock, the owner of the building, has just installed a $2,400

24. July 2, 1914 The Daily Sentinel Grand Junction, CO

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RECEIVER TOBIN TRUST that no provision of the currency act will make it W1. necessary for the retirement from the receivership of the Mea County National bank, before all the affairs of that bank are adjusted, of Senator John J. Tobin. We know that no failed bank had a more conscientious and satisfactory receiver than Senator Tobin has proven in the case of the local institution. He has worked effectively, tirelessly and earnestly to conserve the interests of all who lost by the failure of this institution. Truly he is the right man in the place, as all who have had dealings with him in his capacity as receiver will gladly testify. Under the new law a general receiver in each reserve district may have charge of all failed banks but we are hoping that this will not necessitate the retirement of Senator Tobin. We are convinced that no man could realize any more for the depositors on the assets of the failed bank than Senator Tobin and we have our doubts if any man could realize quite so much.